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India is home to 4.12-lakh dollar-millionaire households and Mumbai tops the chart followed by New Delhi, while real estate and stock markets continue to be their preferred choice of investments.
There are 16,933 millionaire households in Mumbai, which contributes about 6.16 per cent to the country’s GDP, with New Delhi in close pursuit with 16,000 (4.94 per cent contribution to GDP), followed by Kolkata 10,000, according to Hurun India Wealth Report.
Ultra high net worth individuals: At 4,593, India fourth after US, China, Germany, says report
Bengaluru, seen as India’s Silicon Valley and the country hub for the $150-billion technology sector, has about 7,582 millionaire households, followed by Chennai with 4,685 rich homes. Maharashtra (56,000), Uttar Pradesh (36,000), Tamil Nadu (35,000), Karnataka (33,000) and Gujarat (29,000) account for 46 per cent of the total millionaire households, the report, a macro research on India’s wealth landscape, said.
“For the Indian wealth creation story to catapult a moonshot, the GDP per capita should increase from the current levels of $1,876 to $3,000 in real terms. The wealth and prosperity of the general populace would also have a significant impact on the economy as well as the grass-roots level. In that scenario, one would see a highly-competitive penetration of super-luxury brands across the cities in India,” Hurun India Managing Director and Chief Researcher, Anas Rahman Junaid, said.
Roshni Nadar is India’s richest woman in 2020: Kotak Wealth Hurun study
Favourite brands
Separately, in its second edition of Hurun Indian Luxury Consumer Survey, the rich-list compiler said that Indian millioniares mostly opted for Mercedes as their luxury car brand, followed by BMW and Jaguar, while Lamborghini is the most preferred luxury sports car followed by Porsche and Aston Martin. Rolex was the most preferred watch, Tanishq topped the charts in jewellery brand (Tiffany & Co most-loved global brand), while Taj is the preferred hospitality brand followed by Marriott.
Most millionaires preferred Emirates as the airline to travel in business or first class, followed by Singapore Air and Etihad Airways, while HDFC Bank was the most preferred private lender followed by ICICI Bank. For the rich, Life Insurance Corporation of India was the preferred life insurer and Johnny Walker Blue Label favoured among imported spirits and Dom Perignon among preferred champagne.
Happiness index down
The country’s happiness index stood at 7.2/10, down from 8.5 last year, while UK is the most preferred overseas travel destination followed by Switzerland and the US. The US, which is also the prime choice for children’s overseas education, is the most preferred investment destination followed by Singapore and the UAE.
Hurun surveyed 449 Indian millionaires (individuals with personal wealth of $1 million or ₹7 crore) of which 62 were super-rich (₹100 crore wealth).
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